A Teen's Survival Guide to Living on a Fixed Income

By Kenyae Shelton

Everyone’s story isn’t the same, but we all know what it feels like to make a decision solely on the fact that money is involved. For teens living in a household where money is tight, we often know what this decision is like. If you don’t, your parents do. As we get older, it’s important that we understand how to budget, save, appreciate, and simply spend money wisely.

Here are some tips for implementing those skills for surviving on a fixed income:

Living on a fixed income definitely forces you to budget. In a sense, you have to learn the art of minimalism. In other words, learn how to cut your expenses and live with less. If you see something you want, go online first and see where else they have that item for a lower price instead of spending the highest price as you may be used to. You’ll be surprised at how many stores or websites will carry the same things for a variety of prices. For example, a lot of the trendy accessories you may see in local shops and boutiques can easily be found on websites like Amazon or eBay at a lower rate. You want that deal? You have to put the work in. You’ll not only be grateful of the deal but how much money you’ve saved by not going to the first expensive option seen!

Understand the power of NO when it comes to your money. At this point if you are helping and spending some of your own money, then your realize the importance of saving. It’s actually simple and sometimes it’s just saying ‘NO’ without explanation. “No, I can’t go out.” “No, I can’t buy these jeans or these new shoes.” It’s all about priorities. You never know when that money you saved will come in handy for something that you need.

Implementing these skills leads to financial stability. Be wise. It will all pay off in the end.